Illinois General Assembly - Illinois Compiled Statutes

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30 ILCS 750/9-4.1

(30 ILCS 750/9-4.1) (from Ch. 127, par. 2709-4.1)

Sec. 9-4.1.

Applications for
loans.  All applications for loans to small
businesses shall be submitted to the Department on forms and
subject to filing fees prescribed by the Department.  The
Department shall conduct such investigation and obtain such
information concerning the application as it considers
necessary and diligent.  Complete applications received by
the Department shall be forwarded to a credit review committee
consisting of persons experienced in business financing, and
the Director of the
Governor's Office of Management and Budget or his designee, for
a review and report concerning the advisability of approving
the proposed loan.  The review and report shall include facts
about the company's history, job opportunities, stability of
employment, past and present condition and structure, actual
and pro-forma income statements, present and future market
prospects and management qualifications, and any other facts
deemed material to the financing request.  The report shall include
a reasoned opinion as to whether providing the financing
would tend to fulfill the purposes of the Article.  The report
shall be advisory in nature only.  The credit review committee
shall be of such composition, act for such time, and
have such powers as shall be specified by the Department.

After consideration of such report and after such
other action as is deemed appropriate, the Department shall
approve or deny the application.  If the Department approves
the application, its approval shall specify the amount of
funds to be provided by the Department loan agreement provisions.
The business applicant shall be promptly notified of
such action by the Department.

(Source: P.A. 94-793, eff. 5-19-06.)